Stellantis, Koc Holding reach agreement on Tofas JV

Tofas Turk Otomobil Fabrikasi

01/03/2023 17:28

March 1 (Reuters) - Stellantis  STLAM.MI  announced on
Wednesday it had reached an agreement with Turkey's Koc Holding
 KCHOL.IS  aimed at further expanding their joint venture Tofas
which includes a change of the ownership structure of a local
distribution unit. 
    "Under a new strategic agreement entered into today, Tofas
will acquire the entire share capital of the Stellantis
distribution company in Turkey, Stellantis Otomotiv Pazarlama",
the group said in a statement. 
    As a result, all Stellantis brands in the country - Alfa
Romeo, Fiat, Citroën, DS Automobiles, Jeep, Maserati, Opel and
Peugeot - will be distributed by Tofas, Stellantis said.
    "To gather all the activities in Türkiye under one single
entity (...) will not only allow unprecedented synergies in
commercial activities, production and R&D globally, but will
also pave the way to offering broader and more efficient
products and services", it added. 
    Tofas is a joint venture of Koc and Stellantis, which was
formed in 2021 through the merger of France's PSA and Fiat
Chrysler.
    

 (Reporting by Dina Kartit, edite by)
 ((Dina.Kartit@thomsonreuters.com;))